Tools
Mortgage calculator
A quick monthly estimate. Massachusetts property tax is set by each town as dollars per $1,000 of assessed value, so enter the rate for the town you are considering.
Estimated monthly payment
$7,451
- Principal and interest
- $6,157
- Property tax
- $1,094
- Homeowners insurance
- $200
- Loan amount
- $1,000,000
How the estimate works
Principal and interest use the standard amortization formula: the loan amount times the monthly rate, divided by one minus one plus the monthly rate raised to the negative number of payments. Property tax is the price times the town rate per $1,000, divided by 12. Insurance is the annual premium divided by 12.
Sellers pay the Massachusetts deed excise tax at closing: $4.56 per $1,000 of the sale price in most of the state, and $6.48 per $1,000 in Barnstable County, which includes Cape Cod.
This is an estimate, not a loan offer. Rates, taxes, insurance, and any condominium fees vary. Ask a licensed lender for a quote.